Swiss bank accounts, guarded by sophisticated security systems, are renowned across the globe. All Swiss banks are regulated by the Swiss Federal Banking Commission (SFBC) and serve clients from all over the world. Apart from regular accounts, there are four special types of accounts offered by Swiss banks - Postal, Standard, Investment Fund and Numbered Account.
Swiss Bank Account: How it Works
A non-Swiss national must be at least 18 years of age to open an account in a Swiss bank. The application can be made by mailor in person. Usually, there is no minimum balance required to open a Swiss bank account. However, once the account holder starts making transactions, it becomes mandatory to maintain a minimum balance. This amount can differ from bank to bank and varies for different types of accounts. Account holders also have the facility to withdraw money in any currency.
Switzerlandâs Anti-Money Laundering law requires a number of certified documents and a proof of income source. A Swiss bank account can be closed at any time without any restrictions or fee.
Advantages of a Swiss Bank Account
A Swiss bank account offers the following benefits:
- Privacy laws in Switzerland ensure confidentiality of financial information (to the extent that it does not amount to suspicion or illegal activity).
- Switzerland, being both politically stable and ideologically neutral as a nation, becomes an ideal banker for securing funds.
- Swiss bank accounts pay higher yields than other money market accounts.
- An important contributor to the national economy, the Swiss banking industry is well-known for its professionalism.
Disadvantages of a Swiss Bank Account
Here are some of the drawbacks of a Swiss bank account:
- A standard Swiss bank account offers lower yield than the accounts operated in foreign funds. If there is no crucial need, do not invest in Swiss Francs.
- Though Swiss bank accounts can be accessed online, they cannot match the convenience of local banking.
Swiss bank accounts allow customers to hold possessions or valuables. Swiss banks also offer services such as investment planning, wealth management, confidential brokerage accounts and trust company establishment.
Find out more about Swiss Bank Account.